Canadian Dollar Currency Exchange Update July 13, 2015
USD/CAD Open: 1.2730-1.2731 Overnight Range: 1.2680-1.2746
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.12 and gold is at $1,155. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2764. Support is at 1.2668.
The Canadian dollar remains soft entering the week. Short-term Greek exit risk has faded in the short-term, as the country reached an agreement in principle with its creditors over the weekend for a 3rd bailout. The terms of the agreement are more austere than those declined by the Greek public in last week’s referendum, so the Greek story will continue to be in the news for the remainder of the year.
Near-term Canadian dollar risk lies with Wednesday’s Bank of Canada meeting, where a rate cuts remains possible in response to sluggish domestic economic data of late. As headline risk begins to fade, we will see a greater focus placed on central bank sentiment in the coming weeks. A rate cut or an overly dovish tone could hurt the Canadian dollar in the short-term, especially as the Fed has maintained its stance that a rate hike in 2015 is still firmly on the table. Look for differences in Central bank sentiment to continue to be a key driver of the dollar.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | July 13, 2015 | Daily Update |
0 comments